QUESTION 13 Which of the following is not a characteristic of a competitive market? Buyers and sellers are price takers O Entry is limited O Each fimm sells a virtually identical product O Each firm chooses an output level that maximize profits QUESTION 14 When buyers in a competitive market take the selling price as given, they are said to be O price takers O market entrants O monopolists O freeriders QUESTION 15 Suppose that in a competitive market the equilibrium price is $2.50 What is marginal revenue for the last unit sold by the typical fem in this marka O Less than 250 O More than $2.50 Exactly $2.50 O The marginal revenue cannot be determined without knowing the actual quantity sold by the typical fem QUESTION 15 Farmer McDonald sells wheat to a broker in Kansas City, Missouri. Because the market for wheat is generally considered to be competitive. Mr McDonald maximizes his proft by choosing Oto produce the quantity at which average variable cost is minimized Oto produce the quantity at which average fand cost is minimized O the quantity at which market price is equal to Mr McDonald's marginal cost of production O the quantity at which market price exceeds Mr McDonald's marginal cost of production by the greatest amount